SANTA CLARA, Calif. and LONDON – May 9th 2011 — Adconion Media Group, one of the largest independent global audience and video content network, today announced it has secured nearly £21 million in financing from Silicon Valley Bank (SVB), the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology companies worldwide. The newly secured funds will be used to support both acquisition and working capital requirements to continue the global growth of the company.
Commenting on the deal Tyler Moebius, CEO of Adconion, said: “We have benefited from a great partnership with Silicon Valley Bank since early 2010 and we are pleased to have the opportunity to develop this relationship further. It is refreshing to work with a bank that understands how technology companies operate; a bank that is able to offer flexible financing solutions to service our international needs.”
Phil Cox, Head of UK, Europe and Israel for Silicon Valley Bank, added: “We are delighted to be bringing the resources of Silicon Valley Bank to help Tyler and his team as they continue to bring innovative products to the market and create new opportunities for Adconion’s global customer base.” Adconion Media Group is backed by Wellington Partners and Index Ventures. It is headquartered in the U.K. with operations in Australia, the U.S. and throughout Europe.
SVB Financial Group has had an office in London since 2004, and Silicon Valley Bank has been providing loans to UK- and European-based technology and life science companies of all stages of their development from business start-up to mature companies in the sector. SVB Financial Group UK Ltd. provides access to financial services as well as SVB’s worldwide network of venture capitalists and partners. SVB Financial Group UK Ltd aims to give European technology, life science companies and venture capital investors access to the same targeted financial services as their U.S.-based counterparts, including sources of diverse debt capital such as venture debt, acquisition financing, working capital, capital call lines, growth capital and capex financing. In addition, the UK team offers access to foreign exchanges services, trade finance and U.S. banking for subsidiaries.
About Silicon Valley Bank
Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialised markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and seven international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), along with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
About Adconion
Adconion Media Group (www.adconion.com) is one of the largest independent global audience and video content networks, reaching over 325 million unique users – or one-quarter of the total global Internet population – every month. Dedicated to true partnerships with agencies and marketers, Adconion provides customized solutions and innovative products designed in-house while delivering significant global reach across multiple platforms through a single network. Adconion has 15 offices in 8 countries around the world, is a member of the Interactive Advertising Bureau (IAB) and is a founding member of IASH Europe.
Contacts:
Silicon Valley Bank:
Elly Gilbert
Tel: +44 (0)20 7367 7813
egilbert@svb.com
Adconion:
SoYun Kim
Tel: +1 310 382 8936
Email: soyun.kim@adconion.com
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
SVB Financial Group UK Ltd. is registered in England and Wales at 7th Floor, 41 Lothbury, London EC2R 7HF UK under No. 5572575 and is authorised and regulated by the Financial Services Authority (FSA). This material has been issued by and approved by SVB Financial Group UK Ltd. as defined in Section 21 of the Financial Services and Markets Act 2000. The services which are the subject of this material are not available to retail clients as defined by the FSA.The material is for information purposes only and should not be considered as an offer to sell or a solicitation to buy any of the investments mentioned within, or to make any investment decision.